In the official announcement, FCA alleges the bank was aware of its incorrect submission but did not offer an explanation in the quarterly update. The FCA stated: Metro Bank also failed to consider, and to seek legal advice on, whether the incorrect RWA figure ought to be qualified or explained in the October Announcement. As…
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Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said: Santander’s poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime. As part of our commitment to prevent and reduce financial crime, we continue to…
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Gain Capital stopped the system malfunction but before it had done so it had incurred a loss of about $3 million. The company also made negative adjustment of the accounts of 17 customers by about $2.84 million and the positive adjustment of 33 customer accounts by about $35,000. These actions were approved by Gain Capital's…
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According to the prosecution, the alleged scheme took place between 2005 and 2012 and spread through several countries and reportedly and cost the French state over €100 million of "fiscal damage". Credit Suisse said in a press statement: The settlement provides for a public interest fine comprising a profit disgorgement of EUR 65.6 million and…
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Furthermore, the FCA pointed out that Certain Qatari entities were important investors in both of Barclays’s capital raisings at the time. The company entered into two advisory agreements with these entities, involving payments to one of the Qatari entities in the amount of £322 million over three and five years respectively. Barclays had disclosed that…
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The regulator detailed that in one case, Gatehouse Bank once opened an account fora Kuwait-based company for aggregating customer funds. The bank did not require the collection of crucial information including customers’ source of funds or wealth. During a two year period, the bank ended up receiving $62 million in deposits from customers without performing…
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The scheme According to the CFTC, the fraudulent scheme began in August 2014 when Hewko and MPC began seeking investments into a pooled investment vehicle operated by MPC and marketed to prospective investors as the Global Opportunity Fund (Fund). The regulator detailed that over $1.1 million were collected from the investors from September 2014 to…
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The forex scheme According to the CFTC, the fraudulent scheme ran from October 2019 to June 2021. The operators used different websites and social media platforms to advertise their forex trading pool “The Black Club” and “The Forex Savings Club.” They were marketed as a version of a savings account that offered a greater yield…
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If the firm fails to close out a failure to deliver, it is prohibited from accepting additional short sale orders in the security without first borrowing or arranging to borrow the security. According to FINRA, between 2009 and 2018, UBS failed to close in time around 5,300 for failure to deliver positions. Additionally, more than…
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Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, said: I applaud the excellent work of the Division’s Public Finance Abuse Unit in bringing these first-ever actions in the $4 trillion municipal bond space. We encourage underwriters to examine their practices and to self-report any failures to us before we identify them ourselves. LeeAnn…
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